Wall Street closes with gains on Tuesday, Dow hits record high
Major equity indexes in the U.S.recorded solid gains on Tuesday as the solid performance of financials and technology offset the sharp losses seen in auto manufacturers.
On Tuesday, Citigroup, JPMorgan Chase, and Goldman Sachs each recorded more than 1%, carrying the S&P financial index .SPSY 0.75% higher and making it the best performing sector of the day. On the other hand, boosted by better-than-expected second quarter earnings results, Sprint had one of its largest single day gain with nearly 12% while the Xerox rose more than 5%. Commenting on the technology sector's impact on the equity indexes, "It's tech or bust. It's the have and have-nots," Jake Dollarhide, chief executive officer of Longbow Asset Management, told Reuters.
In the meantime, sharp drops seen in vehicle sales weighed on car manufacturers' shares with Ford losing 2.5% and General Motors losing more than 3%. According to the data released by the Autodata Corp., total vehicle sales in the United States in July came in at 16.73 million and missed the market expectation of 16.75 million.
The Dow Jones Industrial Average added 72.80 points, or 0.33%, to close at 21,963.92, the S&P 500 gained 4.25 points, or 0.17%, to 2,472.25 and the Nasdaq Composite was up 11.35 points, 0.18%, at 6,359.47.
Headlines from the U.S. session:
- White House: Trump administration believes important to raise debt ceiling as soon as possible
- US Dollar consolidates gains, remains positive on day, still below 93
- Mexico sets out NAFTA goals ahead of re-negotiation talks - Reuters
- US: ISM Manufacturing signals for continued strength - Wells Fargo
- US Income and Spending: Second quarter ends on a low note - Wells Fargo
- US: ISM manufacturing offers some support for rate hawks - ING
- US: Construction spending in June 2017 estimated at an annual rate of $1,205.8 bln
- US: Economic activity in the manufacturing sector expanded in July - ISM
- US: Manufacturing PMI registered 53.3 in July, up from 52.0 in June - Markit
- US: Personal income decreased $3.5 billion (less than -0.1%) in June